Is your credit union warped?

There I was at UBC's Thunderbird Stadium recently with my 14 year-old daughter Taylor and her friend Megan attending the Van's Warped Tour. We arrived at noon to watched 50 bands I'd vaguely heard of perform songs I'd never heard of. The bulk of the crowd is roughly 14 to 25 years old. Black is very popular (clothes, hair, piercings). As I looked around me I realized I was surrounded by many credit union's marketing obsession—youth!

Don't get me wrong—I'm not a tuned-out parent. I was almost as excited to be there as my daughter. But more than being excited to hear new bands, I was looking forward to seeing her excitement about the bands. What kind of music did she like? Why did she like one band more than another? Which cause appealed to her most? Out of PETA, Darfur, and a general human rights tent, only PETA got her to take a sticker-mainly because it had a cartoon chicken on it.

I was there to share a fun day with my daughter and get to know her even better. Which is something credit unions need to do to really understand this market.

There are no easy definitions to follow for reaching out to this group. A 14-year-old looks at money much differently than the 22-year-old. They care about different things. You couldn't plunk down a booth at this outdoor concert and expect to sign these kids up. They are way too savvy for that.

Here are some observations I made about this group while at the concert: 

  • If you are genuinely interested in hearing what they have to say, they will tell you lots
  • They can tell in a nanosecond if you are uninterested!
  • Everything is an "advertising ploy" until deemed otherwise
  • To the younger of the age group, money is like a cup of water to a man in the desert—gone in a flash
  • To the older of the age group, money is like a canteen of water to a man in the desert—hoarded until the right time (or right T-shirt is found)

What observations have you made about this member group at your credit union?


BarCampBankSeattle: What I learned in session 5

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